Inherent and Purchased Intangible Assets of Aberdeen Football Club - Essay Example

Intangible Assets, Sports Players Investigative Studies) Table of Contents Introduction 3 Inherent and Purchased Intangible Assets of Aberdeen Football Club 4 General Discussion 6 Valuation under IAS 38 and IAS 16 8 IAS 38 8 10 IAS 16 10 Specific Discussion 12 Conclusion 19 References 20 Introduction Intangible assets are usually considered to be those particular assets which cannot be bodily measured, touched or seen. These assets are also acknowledged as non-current assets or long-term assets by different business organisations as they derive numerous benefits over long term period. The different sorts of intangible assets encompass trademarks, goodwill, trade names, patents, organisational expenditures and franchises (Day, 2008). The various inherent characteristics of intangible assets can be identified in terms that it is noted to be non-scarce (i.e. the assets can be employed in multiple uses) owing the virtues of powerful network effects. It is also recognised to be future oriented (i.e. concentrates towards generating future value and possess remarkable increasing returns). Conversely, there also lay certain crucial problems dealing with the application of intangible assets. In this regard, it is to be stated that the intangible assets are quite difficult to manage and to control because of their limited capability to defend the property rights belonging to any business organisation. Furthermore, the investments relating to intangible assets are principally considered as quite risky owing to the fact that the intangible assets play a dominant role in influencing efficiencies in the early phases of the innovation procedure. In addition, at times it becomes quite problematic to trade intangible assets as they possess low or minimum marginal costs, along with huge sunk costs and weaker legal protection (The Institute of Chartered Accountants of India, 2009). After acquiring a brief idea about the nature of intangible assets, it can be affirmed that there lay various reasons in order to perform the valuation of an intangible asset. The most prominent reasons in this regard include determining price allocation for effective preparation of financial accounting as well as reporting, recognising the fair value of the assets and making proper allocation of the valuable resources in any joint venture or partnership formation. Moreover, the other reasons for conducting valuation of intangible assets include promoting fairness in business transactions, making adequate consideration towards the business values, delivering valuable opinions relating to fair market valuation and equitable distribution of valuable resources (Reilly & et. al., 2009). Emphasising on these aspects, in this discussion, a detailed analysis of the valuation of intangible assets within the background of a football team, i.e. Aberdeen Football Club, will be taken into concern. Various aspects which include the introduction and the application of IAS 38 relating to the valuation of intangible assets in contrast to IAS 16 in relation to the valuation of tangible assets will also be portrayed in the discussion henceforth. Inherent and Purchased Intangible Assets of Aberdeen Football Club Aberdeen Football Club which is also known as Aberdeen F. C. is one of the best football clubs in the entire United Kingdom (UK). The club was founded in the year 1903 and became quite famous on the basis of both national as well as international level. The club intends to continue nurturing its talented sport players also embracing opportunity through alterations in its due course of operation in an innovative way. The club won numerous prestigious honours which include the winners of “1995-1996 Scottish League Cup”, “2000-2001 Scottish Youth Cup”, “1996-1997 Scottish Reserve League Cup” and “2004-2005 Aberdeenshire Cup” among others. It has been viewed that the football club is also involved with conducting social programmes as a Corporate Social Responsibility (CSR) initiative. In this regard, the club delivered coaching sessions and healthy eating or food hygiene materials to nearly 1000 children belonging to the age-group of 7 to 8 in 12 schools across UK. The players currently engaged with the team or the club are Ryan Jack, Chris Clark, Jamie Langfield, Scott Vernon, Nicky Low, Gavin Rae, Cameron Smith, and Jason Brown among others. The culture followed in the club has been viewed to consider the team as more vital than compared to the significance of individual players. In this regard, it is to be stated that the greatest value of Aberdeen lays upon its team rather an individual player belonging to the club. The club is incessantly making huge investments for the motive of developing its players which ultimately would enable the club to construct a sustainable team and to accomplish its desired objectives (Aberdeen Football Club plc, 2012). However, the rich heritage of the club can be considered as its inherent intangible asset. From a generalised perspective, it has also been apparently observed that the sport persons are usually considered as intangible or immaterial assets by their respective clubs which is quite similar in the case of products or brands relating to any business corporations. In this similar context, buying a top player can be identified as one of the perfect instances of a purchased intangible asset the valuation of sports players of any corporate soccer teams. The players are therefore purchased or sold in the sport market depending upon their value. The value of those players rely significantly upon certain factors which include their age, talent, potential and most importantly their individual brand value (Villemus & Gurau, 2011). General Discussion The valuation of assets, whether intangible or tangible, has been regarded as a principle subject of discussion in accounting for the past decades. This is fundamentally owing to the fact that the value of assets on the financial statements of any business organisation requires to secure the interests of the stakeholders by a large extent. The organisations in this regard strongly believe that by properly valuing the intangible or tangible assets, various conflicts which may arise with the investors or the other key stakeholders can be minimised effectively. Moreover, the practicing of asset valuation supports the business organisations to determine the apt selling price or loan value of any current asset owned by them. Furthermore, the valuation of assets, whether tangible or intangible, helps the organisations in deciding upon its investments based on which the organisations can identify its net worth and also determine the historical expenditure as well as the book value of the purchased properties or assets (Falls & et. al., 2001). The valuation of assets is believed to be of prime importance for the different business organisations including the profit-seeking or the non-profit-seeking firms, such as sports clubs owing to the reason that the process cost-effectively preserves, upgrades, and operates various physical assets by a greater extent. The important constituents which are essential to carry out a successful asset valuation of a business firm include the formation of a reliable management framework, implementation of a suitable accounting basis with methodology, application of performance indicators, establishment of executive and public information systems. Contextually, the two different accounting bases for asset valuation include financial accounting with management accounting. From the viewpoint of financial accounting, historical costs and the current book value of the assets are majorly preferred or opted for asset valuation. With regard to management accounting, net book value of the asset is commonly selected for valuation (Falls & et. al., 2001). In relation to asset valuation, it has been observed that there exist several methods followed by a particular business firm or a sports team. In this context, the mostly preferred methods or bases for asset valuation which are commonly employed by the different business organisations include ‘Historical Cost-Based Value Method’ which emphasises majorly upon the book value of the assets and ‘Written Down Replacement Cost’ (WDRC) method. The historical cost-based value method is usually executed for the purpose of financial accounting which employs historical procurement records taking into concern the initial costs as well as the subsequent costs of the assets. The major advantages of this method for asset valuation are considered in terms that this method is quite uncomplicated as compared to other valuation methods where huge number of data is available. Conversely, the asset valuation method of WDRC is generally used for management accounting purposes which takes into concern the current market price or the existing conditions of the assets. The benefits of using this method in asset valuation are that it reflects upon the current prices of the assets, is easily understandable and most significantly acts as a strong base for making effective budgets. Moreover, another noteworthy benefit of this method is that it is quite helpful to evaluate the return rates with any other investments (Falls & et. al., 2001). With regard to accounting, it has been viewed that the intangible or the tangible assets belonging to any organisation are often measured and then recorded on the basis of original cost, intrinsic value, fair value or market value of the product/service in the consolidated form of financial statements. The different facets such as the existing investments, operating cash outflows-inflows, equities, assets, operational expenditures along with incomes and debts are mainly recorded in the financial statements of the organisations. These facets are then required to be measured for the purpose of maintaining transparent financial information. In this similar context, the International Accounting Standards (IAS) plays an imperative role in the valuation of tangible as well as intangible assets owned by a specific business organisation. The notion of IAS has been identified to be a general framework which assists the different business organisations or the firms to successfully examine, understand and review their financial statements at large. One of the significant facets of IAS is that it tends to provide a comprehensive, systematic, sensible, and appropriately transparent financial information to the organisations which in turn raise the possibility of increasing the confidence level of the shareholders thereby facilitating the capital flow in the organisation. The various business enterprises enthusiastically embrace the support of IAS due to their extensive procuring and selling of securities to avail Foreign Direct Investments (FDI’s) in the business markets (Moktan, 2005). Valuation under IAS 38 and IAS 16 IAS 38 The International Accounting Standard 38 (IAS 38) symbolises accounting conduct and disclosures, which are applicable for the measurement as well as the recognition of intangible assets (ICAEW, 2012). The primary intention of IAS 38 is to prescribe effectual accounting treatment, especially for intangible assets, which are quite difficult to be quantified within the circumstance of accounting terms which thus does not deal specifically with any other accounting standards. Moreover, the standard also specifies regarding the method of measuring then recording the carrying sum specifically the intangible assets. The standard further states the requirement of certain disclosures which are beneficial in making proper and realistic accounting treatment of the intangible assets. It has further been viewed that the standard fundamentally applies to all sorts of intangible assets excluding financial assets, intangible assets occurring from insurance contracts and the assets which are generally acquired from employee settlements. With regard to the accounting conduct of the intangible assets, it has been apparently observed that the intangible assets are primarily measured at cost. In this similar context, the measurement of the intangible assets usually takes place concerning various important models. These models may include cost model or revaluation model. After the primary recognition of the intangible assets under the cost model, the value for these assets are measured as cost subtracted by any type of amortisation as well as impairment losses incurred. From the viewpoint of revaluation model, the intangible assets are generally carried out on the basis of re-valued sum or fair values subtracted by any following amortisation or impairment losses (Deloitte Global Services Limited, 2012). Apart from the measurement, the intangible assets are primarily recorded in the consolidated form of balance sheet. An intangible asset is usually recognised and then recorded in the balance sheet as a form of asset apart from goodwill only if the asset is generated from any sort of contractual rights. Moreover, the intangible assets are also fundamentally recorded at cost in the balance sheet over the proposed life of the assets. In addition, the intangible assets are duly amortised concerning their valuable lives on the basis of a straight-line approach. The amortisation and the impairment of intangible assets are suggested to be separately recorded in the income statement due to wide materiality of the amounts and also due to fairly present the financial results of a business group deciphering higher degree of integrity. In relation to the intangible assets, the value of an identifiable type of intangible asset includes patents, trademarks and copyrights which are principally recorded in the balance sheet. Conversely, an unidentifiable asset such as goodwill is frequently recorded in the balance sheet when a particular business firm attempts to execute an acquisition at a cost which surpasses fair market cost of its net identifiable assets (Deloitte Global Services Limited, 2012). IAS 16 The International Accounting Standard 16 (IAS 16) majorly deals with the accounting treatment of the tangible assets. In this regard, the tangible assets are regarded to be those which possess a physical form of existence. To put it in different words, the tangible assets are those assets whose price relies much upon its physical properties. The different items which include the fixed assets like machineries, buildings, plants, properties & equipments (PP&Es), lands, current assets comprising cash and inventory along with accounts receivable are accounted under the categorisation of tangible assets. Most of the business organisations view tangible assets as expenditures which are made by them with the intention of accomplishing future benefits through effective cash flows as well as enhanced profits. Such kinds of expenditures are therefore capitalised as assets and are identified in the consolidated form of balance sheet. It is worth mentioning in this regard that on the basis of implications, it is often acknowledged to be uncomplicated to identify the tangible assets (which include plant, machinery, property, building, and others) in comparison with intangible assets such as franchises, copyrights, trademarks and patents (Austin, 2007). The primary aim of IAS 16 is to specify efficient accounting treatment for tangible assets such as property, and PP&E. The standard assists the business organisations or the users to gather valuable information concerning their investments in terms of PP&E and also regarding any alterations with respect to those investments. The major issues which are linked with the accounting treatment of PP&E encompass the identification of the assets at the time of acquisition, verification of the carrying sum of the assets in succeeding periods and determination of any impairment losses or depreciation costs relating to the assets. Therefore, the fundamental principle of IAS 16 is to recognise all expenditures and the investments incurred for availing the required amount of PP&E. According to the standard, the initial recognition of tangible assets such as PP&E depends upon certain basic criteria. It is worth mentioning in this context that the tangible assets such as PP&E are to be initially recognised only if the expenditures related to the asset have been reliably measured (Friedrich & Friedrich, 2009). With regard to IAS 16, after primary recognition, the asset (i.e. PP&E) is duly measured on cost basis which encompass both included as well as excluded costs. In this regard, the included costs comprise the buying amount of the asset subtracted by any sort of discounts or taxes. Moreover, the charges which are incurred for making the asset well-equipped for use encompass site preparation, asset testing, installation and other professional fees. Conversely, the excluded costs include the abnormal costs which arise from any sort of errors, revenue expenditures, various non-capital expenses associated with the asset in accordance with IAS 16. The measurement and the recording of the tangible asset (i.e. PP&E) are duly based upon two important models which include cost and revaluation model. Under the cost model, the tangible asset i.e. PP&E is measured as cost subtracted by any accrued depreciation along with impairment losses. From the viewpoint of the revaluation model, the tangible asset is measured on the basis of re-valued amount in the consolidated form of different financial statements concerning a particular business enterprise. In this regard, under the provision of revaluation model, it is to be sated that the revaluations must be performed on a frequent basis while recording and measuring tangible assets. The revaluation of the tangible asset must be carried out periodically so that the carrying cost of the asset does not fluctuate materially from its fair price which is recorded in the financial statement (Kelly, n.d.). Specific Discussion When concerning the valuation of intangible assets, players or sports person can be referred as one of the most significant and challenging intangible assets to be measured by sports clubs. In relation to the context of valuation of sports players in non-profit seeking sport clubs considering them as intangible assets, it is to be stated that the methods for valuing the players associated are similar to those which are used in valuing a business corporation or a firm. However, the different approaches which are prevalently used in the valuation process of such intangible assets commonly include the income approach as well as the market approach. From the standpoint of income approach, the future cash flows are often taken into concern and the ‘net present value’ of the business is duly calculated. Conversely, the market approach of valuation usually represents the situation in which the multiples of the financial statistic are derived fundamentally from the observations of either any public based enterprise or making frequent business transactions in similar enterprises. Hence, in relation to the valuation of the players linked with sports club, certain crucial factors needs to be considered which include returns from sponsorships, recent success of the team, range of the catchment region, and stadium ownership (Thornton, 2010). One of the most significant reasons to buy corporate teams or invest in a particular soccer club for people is to gain better return from the investment made in a short time period than that compared with the investments made in other corporate sectors, as well as promote the desired brands in the international context (Thornton, 2010). Moreover, the valuation of the players also depends upon certain other factors which comprise the duration of their contract, their nationality and their salary level. For instance, it has been viewed that the world football market is quite complex being framed as multi-levelled. The value of the brand image of a particular soccer team or club is therefore primarily determined by the aspects of constancy and level of their performances. The high performance of the soccer team ultimately attracts the viewers with significant increase in media exposure which in turn raises the value of the sport players of the team. In general, the appropriate valuation of the sport players in football market involves different activities of the clubs which principally include generating considerable profits which are normally attained through various sources such as selling of the tickets, merchandises, funds gathered from sponsoring, broadcasting rights and other services. Moreover, the other activities comprise organising, managing and coordinating the selection process followed by training the new talented players (Villemus & Gurau, 2011). In relation to the valuation of sports players, the football clubs such as Aberdeen can be considered as a value-creation centre in which certain major value-based constituents play an imperative function. The important constituents include value integrators, value creators, value enhancers, value partners and finally value customers. The value integrators concerning the valuation of sports players are usually represented by the club owners. It is the value integrators who deliberately attempts to bring in talented players, coaches as well as management staffs in their respective clubs in order to acquire success and dominate in the football market for a longer time-period. The value creators are generally the football players who transform their unique talent into sports entertainment. In this regard, the value creation is improved through superior mediatisation of sports events and the iconic prominence of every individual player belonging to any football club. The value enhancers in relation to the valuation of sports players in corporate team situations is principally represented by the coach or the management team of the respective soccer clubs. In the similar context, the value enhancement is often regarded to be a long-term procedure which requires additional adjustments of the team including the purchase or the promotion of players and a strategic positioning of the club relating to chief market competitors along with the supporters. The value partners are normally considered to be those independent organisations who contribute collectively with the soccer club in the value creation procedure. The organisations as partners include media such as television and press, sponsoring firms and the enterprises producing merchandise. Finally, the constituent i.e. the value consumers are referred as the club supporters who view sport, support their preferred players as well as the team, purchase tickets or club merchandises. The strength or rather the stability of the club brand depends chiefly upon the participation of the customers and the devotion of the club fans rather than the players or the management staffs (Villemus & Gurau, 2011). The greatest value of a particular team or a club connected with the sport such as in the case of Aberdeen lies upon a few significant assets. These assets include the valuable players and brands as intangible assets along with the tangible assets like buildings, stadium, training centres. It has been viewed that the valuation of the footballers are often based upon their recent transfer value. However, for many prestigious soccer teams or clubs such as Barcelona and Olympique Lyonnais among others, the valuation of the players is substantial which concerns their talent, age, contract length and the level of salary already being rewarded to them. Notably, the transfer mode of business market of the players related with soccer or football is often observed as extremely risky as well as speculative. According to various researches, it has been identified that in the year 2005 and 2009, the clubs which were involved in European Championships incurred an expenditure amounting to 6.7 billion Euros. In response, these clubs attained only 4.7 billion Euros as a profit from transfers that depicted a net deficit of 2 billion Euros for a period of four years (Villemus & Gurau, 2011). Thus, on the basis of the aforementioned figures, it can be stated that the transfer market of the football or soccer sport players often tends to be highly risky or speculative. In relation to the principle of IAS 38, the intangible assets are often considered to be those assets which create future financial benefits. But, the aforementioned clubs failed to comply with the definition relating to IAS 38 as the clubs faced huge loss which in turn restricted them to attain significant future benefits. The purchase of a player significantly adds value to the net worth of a team which ultimately raises the productivity as well as the reputation of the club. Hence, as an investment in the intangible asset, it becomes necessary to include the financial dealings when purchasing a club in the balance sheet of the company. Correspondingly, the record as well as the measurement regarding the purchase of players of Aberdeen has been portrayed in relation to the principles of IAS 38 and IAS 16. In relation to the principle of IAS 38, the purchase of the players is treated as intangible assets by Aberdeen. Moreover, the fees which are payable on transferring the registrations of the players by the club are duly capitalised and amortised relating to the time of the players’ contract. In this regard, the fees which are obtained from other soccer clubs associated with the transfer of the registrations for the players are recorded in the profit or loss account of the club as on the accounting period in which the transfer is taking place. Additionally, the signing-on fees of the players belonging to the club is also charged to profit or loss account in the accounting period in which they are duly payable. The compensation payments which are made to the young players as well as the management staffs of the club are also accordingly amortised over the period of any pertinent contract. It has been viewed that the quantity of the players belonging to the club was 46 in the year 2011 which is quite higher in comparison with the previous year i.e. 2010 in which the quantity of players were stood at 42 (Aberdeen Football Club plc, 2011). Thus, it can be stated that though the club view its sports players as intangible assets, the increment in its sports players would eventually generate future financial benefits adhering the principle of IAS 38. According to the financial statements of the club, it has been noted that the total cost of the club dealing with the registration of the players and the compensation payments amounted to £72,000 where the amortisation rate stood at £27,000 during the financial year 2011. Thus, the net book value of the club with regard to intangible assets amounted to (£72,000-£27,000) i.e. £45,000 in the year 2011. In relation to the principle of IAS 16, the cost or the valuation of the tangible assets i.e. PP&E of the club amounted to £4,088,000 and the accumulated depreciation of this particular asset was stood at £2,387,000 in the year 2011. Thus, the net book value of the club in relation to tangible assets was amounted to (£4,088,000-£2,387,000) i.e. £1,701,000 during the year 2011 (Aberdeen Football Club plc, 2011). The club largely values its soccer players as intangible assets in comparison with its tangible asset i.e. PP&E due to the reason that the club obtains significant amount of revenues with the virtues of their talents and commitments. The club strongly realises that its intangible assets i.e. the soccer players possess a significant facet which is quite critical to the future prospects of the club’s business. Moreover, the club also believes that the intangible assets deliver significant competitive advantage which is ultimately supporting the club to enhance its sustainability in terms of its future business performance. The other reason for the club to value the intangible assets is that a considerable proportion of the club’s value is generated from its sports players which are usually considered to be the intangible assets of the club. Hence, the intangible assets belonging to the club tends to significantly influence the decision-making procedure of the customers (Aberdeen Football Club plc, 2011). Thus, on the basis of the aforesaid discussion, it can be stated that there are many business corporations along with renowned soccer clubs such as Aberdeen, which deliberately attempts to value intangible assets in comparison with other easily accountable tangible assets. With regard to the accounting treatment of the valuation of sports players, it has been viewed that there lay several debates concerning the issue of inclusion of the valuation of the sports players in the financial statement as a form of consolidated balance sheet which prepares by the soccer clubs at the end of the accounting period. According to various financial reports of the soccer clubs, it can be acknowledged as quite significant for the various soccer clubs to include the valuation of their precious players in the balance sheet. By the inclusion of the sports players in the balance sheet, being treated as intangible assets, the soccer clubs would be able to project a more commercially effective and realistic value of assets. Moreover, the balance sheet as a form of fiscal statement would provide a fair assessment of the different accounting rules concerned with the valuation of the sports players. In relation to the principle of IAS 38, the costs which are associated with the valuation of the sports players are duly capitalised and then amortised over the respective contracts of the players. In this regard, the recognition of the valuation of the players particularly in the balance sheet makes the club to better manage as well as avail significant future monetary benefits. In addition, the financial statements also support the football clubs to determine their realistic market value depicting their entire financial picture in an organised manner. With this concern, it has been apparent that the major assets of a particular soccer club are its valuable players upon which the productivity, the profitability and its competitive position are observed to depend largely (Shepherd, 1992). Thus, on the basis of the above discussion, it can be stated that the net worth of the players should be mentioned on the balance sheet. It is in this context that there are several factors which can be taken into concern while considering the valuation of the players in the balance sheet. These factors may include the age and the experience of the players, capability of scoring goals, international recognition along with the size of the club. Conversely, there are soccer clubs such as Aberdeen which often shows the transfer fees or any other compensation payments of the sports players as a part of valuation in the balance sheet. This may be owing to the fact that it would be quite inconvenient for them to analyse and to view the financial statements as there lay an essentiality to conduct complex computation processes while valuing large number of players. Apart from the discussion concerning the issue of including the valuation of players in the balance sheet, there also raised the issue about the depreciation of the tangible assets (Shepherd, 1992). In this context, it can be stated that the football clubs can depreciate the valuation of the sports players in order to avail significant tax benefits. Moreover, it has been apparent that no such depreciation has been charged while considering the transfer fees as well as the compensation payments as a part of valuation in the balance sheet of the club (Aberdeen Football Club plc, 2011). Thus, on the basis of the above discussion, it can be stated that the net worth of the players should be depreciated in order to attain accuracy in the management of the intangible assets. Conclusion After acquiring a brief idea concerning the nature of the intangible assets, it is to be stated that the valuation of intangible assets has been a matter of debatable discussion in accounting. The soccer clubs immensely value the intangible assets due to its crucial facet of generating future values, besides increasing the market returns considerably. It has been recognised in this regard that the intangible assets are duly measured then recorded on the basis of various models which include the cost model and the revaluation model. The major aim of IAS 38 in relation to intangible assets is to prescribe effectual accounting treatment particularly for the intangible assets which are not dealt with other accounting standards. Conversely, the chief target of IAS 16 has been identified to recommend efficient accounting treatment especially for PP&E’s. The valuation of sports players in corporate situations in soccer clubs mainly depends upon the talent, experience as well as the salary level of the players. Similarly, the valuation of the players belonging to Aberdeen also depends upon their performance, contract length and nationality. The club views its sports players as intangible assets which supports the club to accomplish substantial amount of profits. The club thereby takes into concern the transfer fees or the registration charges of the players and their compensation payments in its financial statement in the consolidated form of profit or loss account following the principle of IAS 38. Furthermore, guided by the principle of IAS 38, the club also considers the transfer fees along with compensation payments as a part of valuation in the balance sheet with the expectation that this particular exercise would ultimately support the club in obtaining a distinct picture of its financial position. References Aberdeen Football Club plc, 2011. Intangible Fixed Assets. Annual Report 2011. [Online] Available at: http://www.afc.co.uk/staticFiles/5/95/0,,10284~169221,00.pdf [Accessed September 04, 2012]. Aberdeen Football Club plc, 2012. Profile. Club. [Online] Available at: http://www.afc.co.uk/page/profile/0,,10284,00.html [Accessed September 01, 2012]. Austin, L., 2007. Accounting for Intangible Assets. Business Review, Vol. 9, No. 1, pp.62-72. Day, J. W., 2008. Theme: Intangible Assets. Publications. [Online] Available at: http://www.reallifeaccounting.com/pubs/Article_Theme_Intangible_Assets.pdf [Accessed September 01, 2012]. Deloitte Global Services Limited, 2012. IAS 38. Standards. [Online] Available at: http://www.iasplus.com/en/standards/standard37 [Accessed September 01, 2012]. Falls, L. C., 2001. Capital Asset Valuation. Asset Valuation as a Key Element of Pavement Management. [Online] Available at: http://pavementmanagement.org/ICMPfiles/2001055.pdf [Accessed September 01, 2012]. Friedrich, B. & Friedrich, L., 2009. Overview of IAS 16. International Accounting Standard 16 (IAS 16), Property, Plant and Equipment. [Online] Available at: http://www.cga-pdnet.org/Non_VerifiableProducts/ArticlePublication/IFRS_E/IAS_16.pdf [Accessed September 01, 2012]. Kelly, M., No Date. IAS 16 Property, Plant and Equipment. Files. [Online] Available at: http://www.cpaireland.ie/UserFiles/File/students/2011%20Examinations/Exam%20Related%20Articles/2011%20P1%20CR%20Property%20Plant%20and%20Equipment.pdf [Accessed September 04, 2012]. Moktan, K. M., 2005. Definition and Enforcement of International Accounting Standards. Principles Versus Standards. [Online] Available at: http://www.oecd.org/dataoecd/21/2/35167400.pdf [Accessed September 01, 2012]. Reilly, R. F., 2009. Presentations. Valuation of Intangible Assets for Fair Value Accounting Purposes. [Online] Available at: http://www.willamette.com/pubs/presentations/ncva_valuing_intangibles_feb2009.pdf [Accessed September 01, 2012]. Shepherd, J., 1992. United Keeps Players Off Balance Sheet. News. [Online] Available at: http://www.independent.co.uk/news/business/united-keeps-players-off-balance-sheet-1555867.html [Accessed September 01, 2012]. The Institute of Chartered Accountants of India, 2009. Significance of Intangible Assets. Technical Guide on Internal Audit of Intangible Assets. [Online] Available at: http://220.227.161.86/20917frpubcd_iasb3.pdf [Accessed September 01, 2012]. Thornton, G., 2010. Grant Thorntons Sport Experience. Valuing Sports Teams. [Online] Available at: http://www.grant-thornton.co.uk/pdf/Grant%20Thornton%20-%20Valuing%20Sports%20Teams.pdf [Accessed September 01, 2012]. Villemus, P. & Gurau, C., 2011. The Footballers Are ‘Intangible’ Assets. The Branding And Value Of Sport Performers: An Analysis Of The European Football. [Online] Available at: http://www.google.co.in/url?sa=t&rct=j&q=&esrc=s&source=web&cd=1&cad=rja&ved=0CCEQFjAA&url=http%3A%2F%2Fwww.gcbe.us%2F2011_CBEC%2Fdata%2FPhilippe%2520Villemus%2C%2520Calin%2520Gurau.doc&ei=apFFUMuCJ8HYrQehjIBI&usg=AFQjCNFbph9BuBor_fC-I_KyVTrjNWMIdA&sig2=aiDjwVxApyHrD-3Vxj7rlg [Accessed September 01, 2012]. Read More